产品市场势力、公司治理与股票市场流动性

本文实证研究了我国股票市场的流动性问题。结果表明,产品市场势力能够促进信息传递,提高股票的流动性。这种影响即使控制了公司治理因素依然显著,同时随着信息不对称程度的提高而更为明显。另外,在对股票流动性的影响上,产品市场势力与董事会规模、高管薪酬激励之间存在替代关系。同时,股权分散能增强产品市场势力的影响,但是产品市场势力会削弱股权分散的积极作用。

Research on the Product Market Power,Corporate Governance and Stock Market Liquidity

Based on the research of Tookes(2008)and Peress(2010),we include corporate governance into their framework.We find that product market power can speed up information dissipation and improve stock liquidity.This effect is significant even when we control the corporate governance variables,and intensifies with increased information asymmetry.Besides,there is substitutive relationship between and among the product market power,the size of board and the compensation incentives.Meanwhile,the decentralization can strengthen the positive effect of market power,while the latter may reduce the positive effect of the former.